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Dr. Reddy’s eyes 25 p.c. growth

HYDERABAD: Dr. Reddy’s Laboratories is eying a growth of 25 per cent in the current financial year in sync with its completion of silver jubilee year (25 years) in existence. The company completes 25 years in February 2009.

“Stay with us for the next 25 years, and gain a great deal more. Twenty-five years of existence and 25 per cent growth,” said Chairman K. Anji Reddy in his letter to the company’s shareholders in the annual report.

In the report released to the media, Dr. Reddy said the company was expecting significant upsides and higher profits from its German arm, Betapharm, which was shifted to India, in 2008-09. The company would distribute Sumatriptan in the U.S. in third quarter of this year.

The company’s consolidated revenues in 2007-08 tanked to Rs. 5,006 crore ($1.25 billion) due to lack of upsides and 180-day exclusivity the company enjoyed in 2006-07.

The company became the largest pharmaceutical player in India, thanks to the launch of Simvastin and Finasteride in the U.S in 2006-07. The company clocked a turnover of $1.5 billion in that year with a net profit of $216 million.

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